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PNC To Buy 19 BankAtlantic Branches

PNC Bank will acquire a total of about 19 branches in the Tampa-St. Petersburg area from Florida-based lender, BankAtlantic.

PNC Bank will acquire a total of about 19 branches in the Tampa-St. Petersburg area from Florida-based lender, BankAtlantic, Reuters reports. The subsidiary of PNC Financial Services Group will pay a total of about $350 million for the acquisition.

The buyer would pay a premium for the deposits assumed plus the net book value of the acquired real estate and fixed assets. The deal, which is pending for regulatory approval, is expected to close by the end of June 2011, adds Business Journal.

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